There are roughly two or three narratives regarding the economy in certain Leftists’ minds. One of them is that the economy is not doing well at all, and that someone has to “fix” it, which is a very clear lie that even contradicts a different narrative that I will cover in a second. Another narrative is that the economy is nothing special and we should not focus on it. That is the narrative many on the Left choose to follow, sort of, because the economy is doing too good for them to realistically argue against it. They would much rather attack Trump’s “racism” or “sexism” or “bigotry” than tackle his successful track record as POTUS because they know they would come up awfully short (especially Michael Bloomberg). But finally, the third narrative is one that only one person would be foolish enough to try: Obama is the one who can take credit for this economy.
And who else to try and peddle this hilarious lie than the former Liar-in-Chief, former President Barack Hussein Obama?
Earlier this week, Obama tweeted: “Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history.”
In the words of a certain communist former president: “You didn’t build that.”
It is laughable that Obama would try to take credit for this economy (yet again) because we saw nothing of the sort regarding job creation or economic recovery at any point in his presidency.
A Forbes op-ed published in 2016, the last full year of Obama’s presidency, said: “The Obama recovery of the last seven years remains the worst in post-war American history. Average gross domestic product (GDP) growth since the bottom of the recession in 2009 was barely above 2.1% per year. The average since 1949 is well above 4% per year during the previous 10 expansions.”
“I believe the root cause of abysmal growth is the huge tax increases imposed by Obama and the Democrats in Congress since 2008. The most harmful were the increase in the capital gains tax from 15 to 20 percent, the increase in top bracket income from 35 to 39.6 percent, and the new tax of 3.8 percent on investment income in the Affordable Care Act (ACA). The massive increase in regulatory burden through the ACA and Dodd-Frank bills are also crushing, but unfortunately are harder to measure.”
Investor’s Business Daily also pointed out how bad the Obama economy was back in 2018 when the former POTUS also tried to take credit for the Trump economy:
“The rate of GDP growth was decelerating in Obama’s last year. It went from 2.3% in Q2, to 1.9% in Q3 to 1.8% in Q4 of 2016. Under Trump, GDP growth has averaged 2.9%. It was 4.2% last quarter and might be higher in the current one. The stock market also was stuck in neutral the year before the November 2016 elections. The Dow is up by some 45% since then.”
“Real median family income didn’t budge from August 2015 to November 2016, according to Sentier Research. It’s up more than 4% since Trump came into office. Wages are on the upswing. In Obama’s last year, unemployment rate remained basically unchanged – it was 4.9% in Jan. 2016, and 4.8% when Trump took office in Jan. 2017. Now it’s down to 3.9%.”
The National Review also highlighted some of Trump’s economic accomplishments since taking office:
“The census report ten days ago revealed workers’ earnings increasing at 3.4 percent annually, a rate not seen since the best of the Reagan years, and the poverty rate has declined to 11.8 percent, the best figure that has been recorded since the end of the Clinton administration and still resolutely proceeding in the right direction. Unemployment is at its lowest percentage since the Lyndon Johnson administration more than 50 years ago (and the numbers then were helped by having 545,000 conscripts in Vietnam). Minority groups are the principal beneficiaries of the Trump economy; it isn’t trickle-down, it’s surge-up. Average income for female-led single-parent households jumped 7.6 percent last year, well ahead of gains in higher income groups.”
“The poverty rate among female-led households fell 2.7 percent for African Americans, and 4 percent for Hispanics. Industries largely populated by women (and, historically, exploited women), especially hospitality and, to a lesser extent, health care, showed strong earnings gains, even as unemployment rates for African-American and Hispanic women fell to under 4.5 percent.”
“Another partisan Democratic falsehood that is exposed by the census is the myth that the middle class is shrinking. The percentage of total families at the lowest economic levels has fallen by over 1 whole percent and the brackets from $50,000 to $150,000 and above $200,000 have both increased by almost 1 whole percent (several million people in each case). There were sharp increases in the incomes of younger families (up to age 34).”
The contrast between the Obama and Trump economies are day and night, with the Obama economy having been absolute garbage and the Trump economy being the best economy we have seen in decades. It’s no surprise that jealous Barack Obama would attempt to take credit for this economy, which he had nothing to do with.
It’s also no surprise that the President’s team (as well as Trump himself and a slew of other people) reacted with mockery or simply telling it like it is in order to set the record straight as to whom should the credit go.
In a statement to Fox News from the Trump campaign’s national press secretary: “President Trump reversed every single failed Obama-era economic policy, and with it, reversed the floundering Obama/Biden economy. Obama and Biden orchestrated the worst economic recovery in modern history. By contrast, through deregulating, lowering taxes, and supporting free-market policies, President Trump has created the hottest economy on record, with unemployment hitting generational lows and all-time lows for African Americans, Hispanics, the disabled, veterans and many other hard-working Americans.”
“Paychecks are growing at the fastest pace in a decade and twice as fast for low- and middle-income Americans. It’s no wonder Democrats seek to take credit for the Trump economy after eight years of betraying blue-collar workers and inflicting pain upon the middle class as Americans everywhere suffered.”
“But the failed days of Democrat stagnation are over, and the soaring Trump economy is here to stay,” added the press secretary.
The President himself reacted to this on Twitter, writing: “Did you hear the latest con job? President Obama is now trying to take credit for the Economic Boom taking place under the Trump Administration. He had the WEAKEST recovery since the Great Depression, despite Zero Fed Rate & MASSIVE quantitative easing. NOW, best jobs numbers ever. Had to rebuild our military, which was totally depleted. Fed Rate UP, taxes and regulations WAY DOWN. If Dems won in 2016, the USA would be in big economic (Depression?) & military trouble right now. THE BEST IS YET TO COME. KEEP AMERICA GREAT!”
As previously said, it really is no surprise that Obama would try and steal credit for the good economy. For EIGHT YEARS, he blamed his predecessor for a bad economy. And while that could feasibly work for the first couple of years coming off a recession that began with the previous administration, the economy was TERRIBLE for his entire tenure in both terms.
I remember hearing Bill Clinton trying to give Obama credit for a “great” economic recovery that “even he” could not have orchestrated back during the 2016 election cycle to get people to believe the economy was good and that Hillary would continue Obama’s legacy (which she would have but that isn’t a good thing), but there was no such economic recovery. Things HARDLY got much better and that’s because the only place to go for the Obama economy was up, and even THEN, it didn’t go up by much.
The unemployment rates went down largely because people either stopped looking for jobs, got government contract work or got part-time jobs. Things that make the unemployment rate go down artificially. Trump’s economic recovery is REAL growth for our country, with people finding full-time jobs and there being a virtual SURPLUS of jobs.
The stock market went up during the Obama years largely because companies were buying their own stocks to artificially raise them. The only thing that’s artificial about the Trump economy is the fake news media’s claims that we are headed towards a recession, and even that garbage has largely been dropped because of how virtually IMPOSSIBLE it is for a recession to happen in this economic climate.
Obama was a terrible jobs president, to the point where he openly mocked Trump’s promises to bring manufacturing jobs back, saying “what magic wand do you have?”
Well, this is his magic wand: A REAL ECONOMY WITH A REAL RECOVERY FROM OBAMA’S TERRIBLE TENURE AS POTUS.
An economy so good, most Democrats will go to lengths to avoid discussing it, some Democrats will foolishly and laughably attempt to severely downplay it, and one will attempt to take sole credit for it when such credit is not due to him.
THIS is how you Make America Great Again.
“I can do all things through him who strengthens me.”
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